AS REPORTED BY GULF NEWS

Whiz-kid trader Nick Leeson jailed

- Former whiz-kid trader Nick Leeson, whose disastrous derivatives dealings brought down Barings bank under debts of some $1.4 billion (Dh5.14 billion), was sentenced by a Singapore court to six-and-a-half years in prison. Judge Kicnara Magnus said the 28-year-old Briton had used his position of trust to trade dishonestly and had “spun a web of deceit”. Leeson pleaded guilty to the two charges after prosecutors said they would not proceed with nine other fraud and forgery counts which could have added a further six years to his sentence. Leeson admitted the other nine charges and the court took them into consideration when sentencing him. “These are very serious offences,” Magnus said. He sentenced Leeson to six months for deceiving Barings auditors.